UK governments are currently investing record levels of public funds in regeneration programmes. Given this level of commitment to the economic and social transformation of disadvantaged places and groups, it is hardly surprising that the government should scrutinise the outcomes with special interest. This study draws on national and local evaluation programmes to attempt to answer several questions. Can neighbourhoods and localities be transformed as government intends? What counts as success? What are the success factors? What are the implications for public policy in relation to place management, social capital and lifelong learning?